Where can I learn more about the TFCU PV Energy Loan?

Do I have to be a member to apply?

In order to take a loan out with TFCU, you have to qualify for membership and will be required to open a savings account with a minimum of $1.00.

What are the qualifications for membership?

TFCU has an open charter. Anyone living in the 50 Unites States may qualify for TFCU membership.

How do I establish membership at TFCU?

You have multiple options to establish membership. You can visit any of TFCU’s local branches to open your account. Visit TFCU’s website,, and open your account online, or contact a loan representative at 631-698-7000 Ext. 3700 to discuss account opening within the loan process.

Do all borrowers on the loan have to be a member?

The primary borrower must be a member and the co-borrowers must qualify for membership, but are not required to open an account.

What are the terms of the loan?

The loan carries a maximum term of 96 months, which includes zero payment for 24 months. The total repayment period in this case would be 72 months. You can take the loan for a minimum of 36 months.

What is the rate on the loan?

There is an introductory rate of 0% for the first 24 months and a rate of 7.99% for the repayment period thereafter.

Is interest deferred during the first 24 months?

No, interest does not begin to accrue until the 24 month introductory period is over.

Is the interest paid towards the loan tax deductible?

No, the interest on the loan is not tax deductible.

Are there any additional discounts on the loan?

There are no additional discounts for the rate.

What would my payment be?

For all loan calculations, please contact TFCU at 631-698-7000 ext. 3700 or e-mail for more information.

Is there a pre-payment penalty?

No, you are able to pre-pay the loan at any point during the life of the loan.

If I decide to pay down the principal at any point, am I able to re-amortize the loan for a lower payment?

Yes, you can submit a request to TFCU in the form of a written letter, requesting to re-amortize the payment on the loan at any time during the life of the loan.

Is there a minimum Credit Score required to qualify?

Yes, the minimum score to qualify for the loan is 640.

Is there a minimum loan amount required to borrow?

Yes, the minimum loan amount is $5,000.00

Is there a maximum loan amount I can borrow?

Yes, the maximum loan amount is $35,000.00

Are there any additional fees for the loan?

Yes, the loan requires a UCC lien to be filed on your home. TFCU is going to pay to file the lien and you are required to pay for the removal of that lien after the loan has been satisfied. The current cost to remove the lien is set by the county in which you live and can change at any time.

Can I take a loan out for solar panels on a rental/secondary home?

No, you are only able to take the loan out for solar panels on your primary residence.

What documentation might I need to provide TFCU for the loan?

For all loan documentation requirements, please contact TFCU at 631-698-7000 ext. 3700 or e-mail for more information.

Are all deeded home owners required to be on the loan?

No, but all deeded homeowners are required to sign certain loan docs as they have an ownership interest in the property.

How would I obtain the proceeds from the loan?

During the loan process, you will be working with a designated TFCU representative who will be able to provide options with regards to the funding of the loan.